What smart money is saying about NGK Insulators

Position history

Every position in NGK Insulators on record in the archive was reported in Q3 2026, across 1 fund letter, with no move described.

Fund activity · 1 position

• HoldsTAMIM Fund: Global High Conviction

  August 2026

  “NGK Insulators (TSE: 5333) NGK Insulators (TSE: 5333) is a ceramics company, which sounds like the least exciting sentence in this note, and is exactly why it belongs in it. The Japanese firm built its name on the high-voltage insulators that hang from electricity pylons, a product it still dominates globally, and has spent decades turning the same materials science into several quite different franchises: the honeycomb ceramic substrates that scrub emissions from vehicle exhausts, the precision components that sit inside semiconductor manufacturing equipment, and large sodium-sulfur batteries for grid-scale energy storage. That spread of end-markets is the point. The electricity grid is being rebuilt and extended across the developed world to carry renewable power and to feed the data centres behind the computing boom, which is demand for insulators. The expansion of semiconductor capacity is demand for NGK’s fab components. And the intermittency We made some trades of course. We sold in Spain and re-invested into ENAV in Italy, an airport operator. We trimmed NYK in Japan after a rise of 15% in the month and reinvested into Murata a key supplier of Multi Layered Ceramic Capacitors. (MLCCs) - Multi-layer ceramic capacitors (MLCCs) are tiny electronic parts used to store and regulate energy, block noise, and stabilize power in almost all modern circuit boards. ie important. Murata dominates globally with Taiyo Yuden and SEMCO from Korea also key players. Murata's share price was hit in August when management declared they would not seek to raise prices aggressively in the face of rampant demand but would do the typical Japanese thing of supplying the market at stable prices to gain and maintain market share. Long term greedy probably beats short term price gouging? Lastly in a month full of stories, we note that a once owned highly profitable holding, Dick's Sporting Goods, suffered a c. 30+% price fall in one day as it announced poor results and downgraded expectations primarily due to the acquisition of Foot Locker about a year ago. We exited the last of our position in January 2026 hating the deal. Helping that decision to exit was keeping tabs on Nike, Adidas, Deckers (Hoka) and On which have all been under (share) price pressure as consumers seem unwilling to pay over the odds for shoes made in Vietnam and Indonesia. M&A is often a death knell to profit growth, at least for 2-3 years. Knowing this is another aspect of the Accounting Strategic Governance framework which we use to complement our quantitative stock models. TAMIM Fund: Global High Conviction3August 2026 Global High Conviction Unit Class TAMIM Fund At 31 August 2026 of renewable generation is demand for grid storage. One unglamorous ceramics maker, quietly geared to three of the most durable infrastructure trends in the market. This is one of the fund’s long-standing successes.”

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